Cost accounting is perhaps one of the toughest concepts for students to inculcate on their own. It is also one of the most vital parts of finance and thus, is imperative to be learned by the students pursuing a career in accounting. Cost accounting assignment help is here to ease your pain and render you with high-quality solutions for your assignments.
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The primary idea of cost accounting is to fix for the cost of goods to be sold. Before doing so, the person is required to determine the cost of goods to be sold. Some of the costs that require fixing are mentioned below:
Cost of direct labour- This helps in calculating the total cost involved in the manufacturing of the product.
Cost of raw material used- This refers to the cost of raw materials used to process the goods to be sold out.
Additional cost involved in manufacturing- This is fulsome cost related to the objects. This amount cannot be tracked to its primary source. The cost is also calculated to measure the total profit incurred from the sale and purchase of the good developed.
At our cost accounting assignment help South Africa, we aim at breaking down the hard and perplexing concepts into simpler fragments. Estimating the cost of goods can be quite tricky and requires a lot of expertise to have an attempt at. Our accounting assignment help professionals can guide you with a few simple steps to be followed, which will help you attain your target.
Step-1 You should try to know your number of units produced. This should be estimated against the overall cost involved in the production.
Step-2 Compute the total number of units manufactured. You can add this calculated number of units and subtract them from the total number of units attained after the manufacturing process.
Step-3 Post calculating the total number of units, you can move on to calculate the total cost involved in the manufacture.
Step-4 The final steps involves diving the unit produced and total cost of goods estimated per unit. This will help you derive the total cost of a good per unit basis.
Actual cost- This refers to the cost which is an integral part of the actual manufacturing process. Some of the examples of actual cost include costing involved in raw material procurement.
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Opportunity cost- As the name suggests, this type of cost may not be directly involved in purchasing the actual goods and services. It is rather focused on procuring other economic endeavours. This type of costing is required to enable the most optimal pricing for good and related services.
Incremental cost- This type of cost alternates as per the required business standards and proceedings. Any changes in the business activities may lead to change in this type of cost for products.
Explicit cost- This type of costing is generally handled by the big guns of the business industry. Common terminology used for such costing is paid-out cost. The costing is additionally paid by the business owners through exclusive channels.
Implicit cost- These types of costs are generally not documented in any book of accounting. However, this costing can play a vital role in the functioning of any company’s business.
Book cost- This type of cost is not paid in direct transactions. However, this cost can be involved in altering the generation of loss or profit from any transaction.
Economic cost- This is the future cost which will be procured once the process will be complete. This cost has a significant role to play in many vital business decisions making.
Direct cost- As the name suggests this cost is directly involved in the manufacturing or operating units. For instance, the direct cost can be the cost involved in the procurement of raw material to start a functioning unit.
Indirect cost- This cost is related to the process of production. It may or may not be directly accountable for the overall cost of manufactured goods. For instance, the cost involved in getting land or machinery required for producing the aspiring goods.
Here are a few examples for you to have a look at. These solutions are the most commonly occurring topics, that students are generally asked to make assignments on.
It is vital to write up and engaging and compelling assignment solutions. This is to assure good quality grades and sore high in academic career as well. However, to do so, students must have comprehensive information and expertise to attain their targets.
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